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Tenaris ADR Rep 2 Ord Shs T.TS.B


Primary Symbol: TS

Tenaris S.A. is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products. It operates in geographical areas, such as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Its products and services include OCTG, Premium Connections, Rig Direct, Offshore Line Pipe, Onshore Line Pipe, Hydrocarbon Processing, Power Generation, Sucker Rods, Coiled Tubing, Industrial and Mechanical, and Automotive.


NYSE:TS - Post by User

Comment by Mediawatcheron Dec 04, 2019 10:20pm
160 Views
Post# 30423446

RE:The good news

RE:The good newsHi FLG,

The current batch of directors is only accountable to the Voting Trust who own only 27% of the equity in Torstar.  I don't know of many public companies where you could destroy 98.5% of the shareholder value and not break a sweat.

Look at the tenure of the Voting Trust Board members.  They have been on the Board for decades and have supported one bad decision after another.  The non-Voting Trust Board members do nothing but nod their heads and collect their director fees.  It isn't an accident they have a toothless, useless and complicit Board.  It was by design by Honderich and his gang of cognitively impaired enablers.

What we have today is a classic case of corporate paralysis.  The Voting Trust knows that Boynton, DeMarchi and the Oliver Brothers have driven the business into the ditch and have no idea on how to get it back on track.

Firing Boynton would force them to acknowledge they screwed up once again and Honderich is too proud and stupid to admit this reality.  It would also force an embarrassing search for another stooge and no self-respecting search firm in the country would take the file regardless of the fee. 

Finally, this Board does care about the share price because they have nothing personally invested in the company.  Sure it hurt that you've blown your inheritance, but they can blame it on truly unfortunate circumstances outside your control.  Delusional to be sure, but this has characterized the Voting Trust since the second generation took over.  Not a moment of self-reflection.  Just keep doubling down until they take you out feet first.

MW






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